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Donald Trump Advocates for U.S.-Based Bitcoin Mining, Sparking Debate

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United States President Donald Trump has announced his desire for all future Bitcoin to be mined within the U.S. after meeting with key industry leaders.

On June 12, Trump met with Jason Les, CEO of Riot Platforms, and Brian Morgenstern, the company’s head of public policy.

Following the meeting, Trump expressed his support for domestic mining firms on Truth Social.

To gain more insight, Cointelegraph spoke with Greg Beard, CEO of Stronghold Digital Mining and former head of energy at Apollo.

Beard emphasized the importance of U.S. leadership in Bitcoin mining, stating, “The U.S. is and should be a leader in supporting and securing Bitcoin as an alternative to the ever-deflating values of sovereign-backed currencies.”

He also urged President Joe Biden to support Bitcoin, adding, “We believe in what we’re doing and we think Bitcoin is the right asset for American society and far beyond it. We hope to have the support of any administration.”

Despite Biden’s silence on the matter, there are indications that his campaign is preparing to accept crypto donations soon.

Trump’s endorsement has energized the Bitcoin community on social media, with Jan3 CEO Samson Mow among the most optimistic.

“I guarantee that this move from Trump will be discussed behind closed doors by governments around the world,” Mow said, highlighting its global implications.

READ MORE: SEC May Receive Only a Fraction of Multibillion-Dollar Terraform Labs Settlement

Another user suggested that Trump might use Bitcoin’s price as a measure of success in his potential second term.

However, not everyone welcomed Trump’s stance. Laura Shin, host of the Unchained Podcast, questioned the celebration, arguing that it could centralize Bitcoin and make it vulnerable.

“Why are you applauding that? I don’t get it,” Shin remarked.

In response, Shapeshift founder Erik Voorhees downplayed Trump’s comments, calling them “nonsense” but acknowledging that they signal a positive environment for Bitcoin in the U.S.

Trump’s support for Bitcoin mining contrasts sharply with a report by Kerrisdale Capital, which criticized the industry.

Sahm Adrangi, Kerrisdale’s chief investment officer, argued that the U.S. should focus on more sustainable cryptocurrencies.

“I believe that the U.S. does not need to support Bitcoin,” Adrangi stated, citing concerns about energy consumption.

Despite these criticisms, Beard highlighted the benefits of Bitcoin mining for energy efficiency and grid stability.

“Bitcoin mining advances energy efficiency, and people and policymakers are starting to get it,” he said.

He explained that Bitcoin mining can help balance the grid and support the transition to renewable energy by adjusting energy usage in real-time.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Greenpeace Report: Wall Street Financiers Must Be Held Accountable for Bitcoin Mining Carbon Emissions

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Major financial institutions on Wall Street should be held responsible for bankrolling the emissions-heavy Bitcoin mining industry, according to a new report by Greenpeace USA.

The report, titled “Bankrolling Bitcoin Pollution: How Big Finance Supports a New Climate Threat,” diverges from previous Greenpeace papers on the Bitcoin mining industry. Instead of focusing on BTC miners, the report targets Wall Street and the banking sector.

Greenpeace claims that big finance supports Bitcoin mining by creating economic incentives, thereby perpetuating the ecological threat the industry represents.

The report names Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual as the top five financiers of carbon pollution from Bitcoin mining companies.

Together, they accounted for over 1.7 million metric tons of CO2 in 2022, equivalent to the emissions of over 335,000 American homes using electricity for a year.

Greenpeace stated that Bitcoin mining has grown into a large commercial industry, where companies need significant capital to build facilities and purchase computing equipment.

Miners rely on support from banks and asset managers, eager for their share of the spoils.

The report says companies such as BlackRock should be accountable for fostering the mining industry: “Banks and asset managers have a duty to disclose risks to their shareholders and clients who are currently missing vital information on the climate risks from Bitcoin.”

READ MORE: SEC Chair Gensler Signals Approval for Spot Ether ETFs by Summer’s End

Greenpeace criticizes the lack of scrutiny regarding how investments from traditional finance companies enable carbon-intensive Bitcoin mining operations.

Greenpeace also states that the crypto mining industry lacks disclosure and transparency, which “enables Bitcoin mining companies to avoid accountability and obscures the scale of Bitcoin’s climate problem.”

This “lack of reputable electricity and emissions reporting” makes it difficult for investors, stakeholders, and regulators to make informed decisions if they wish to follow green policies.

In the United States, Texas has become a global hub for Bitcoin miners, absorbing many who abandoned China after its mining ban.

Greenpeace accuses Wall Street companies of financing this new gold rush, highlighting Riot Platforms’ facility near Rockdale as an example.

Citing data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), Greenpeace said that the Riot facility alone accounted for 526,000 metric tons of CO2, equivalent to the carbon emitted from 100,000 U.S. homes a year.

Greenpeace highlighted the paradox of BlackRock, which is a supposed leader in sustainable investment, yet had the third-highest carbon emissions from its investments in Bitcoin mining among the 540 financial institutions in Greenpeace’s study.

The NGO emphasized that financial companies involved in Bitcoin mining should report the emissions associated with their investments and underwriting services for Bitcoin mining companies.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bitcoin Hashrate Breaks 18-Month Uptrend: Signals Potential Miner Capitulation Amid Rising Costs

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Bitcoin’s hashrate, a key measure of mining difficulty, has broken down from an 18-month uptrend, suggesting potential miner capitulation.

The true hashrate recently fell to around 600 exahashes per second (EH/s).

This breakdown might indicate that some mining firms are selling their BTC, as noted by Ki Young Ju, founder and CEO of CryptoQuant.

He stated in a June 13 X post, “Bitcoin hash rate’s 18-month upward trend has broken, suggesting some miners are capitulating.”

However, data shows that Bitcoin mining firms haven’t been selling significant amounts of Bitcoin despite the drop in hashrate.

According to CryptoQuant, miner flows to cryptocurrency exchanges decreased from a monthly peak of 15,470 BTC on May 21 to just 7,239 BTC on June 13.

The recent decline in Bitcoin’s price, falling from over $71,100 on June 5 to $66,800, doesn’t appear to be driven by miner capitulation.

Instead, the price drop occurred while daily miner flows to exchanges continued to decline.

The decline in hashrate could be due to mining firms turning off older generation ASIC chip mining rigs, which have become unprofitable since the fourth Bitcoin halving.

READ MORE: SEC May Receive Only a Fraction of Multibillion-Dollar Terraform Labs Settlement

On June 12, Bitcoin’s total hashrate fell to 586,377 terahashes per second (TH/s), according to Blockchain.com.

An April 19 report by CoinShares predicted this temporary drop, forecasting the hash rate to rise to 700 exahash by 2025 but potentially falling by up to 10% post-halving as miners shut down unprofitable ASICs.

The report attributes the temporary reduction to increased mining costs due to the halving and rising electricity prices.

The profitability of mining operations largely depends on electricity costs.

According to a May 2 X post by Hashrate Index, older ASIC models like the S19 XP and M50S++ operate at a loss if electricity costs exceed $0.09 per kilowatt-hour.

The S19j Pro+, j Pros, and M30S++ will struggle if costs are between $0.06 and $0.07 per kilowatt-hour.

The situation underscores the delicate balance between mining profitability and operational costs, with electricity prices playing a crucial role in the sustainability of mining operations.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Trump Advocates for U.S.-Based Bitcoin Mining, Sparking Debate Among Crypto Experts

/

United States President Donald Trump has announced his desire for all future Bitcoin to be mined within the U.S. after meeting with key industry leaders.

On June 12, Trump met with Jason Les, CEO of Riot Platforms, and Brian Morgenstern, the company’s head of public policy.

Following the meeting, Trump expressed his support for domestic mining firms on Truth Social.

To gain more insight, Cointelegraph spoke with Greg Beard, CEO of Stronghold Digital Mining and former head of energy at Apollo.

Beard emphasized the importance of U.S. leadership in Bitcoin mining, stating, “The U.S. is and should be a leader in supporting and securing Bitcoin as an alternative to the ever-deflating values of sovereign-backed currencies.”

He also urged President Joe Biden to support Bitcoin, adding, “We believe in what we’re doing and we think Bitcoin is the right asset for American society and far beyond it. We hope to have the support of any administration.”

Despite Biden’s silence on the matter, there are indications that his campaign is preparing to accept crypto donations soon.

Trump’s endorsement has energized the Bitcoin community on social media, with Jan3 CEO Samson Mow among the most optimistic.

“I guarantee that this move from Trump will be discussed behind closed doors by governments around the world,” Mow said, highlighting its global implications.

READ MORE: SEC May Receive Only a Fraction of Multibillion-Dollar Terraform Labs Settlement

Another user suggested that Trump might use Bitcoin’s price as a measure of success in his potential second term.

However, not everyone welcomed Trump’s stance. Laura Shin, host of the Unchained Podcast, questioned the celebration, arguing that it could centralize Bitcoin and make it vulnerable.

“Why are you applauding that? I don’t get it,” Shin remarked.

In response, Shapeshift founder Erik Voorhees downplayed Trump’s comments, calling them “nonsense” but acknowledging that they signal a positive environment for Bitcoin in the U.S.

Trump’s support for Bitcoin mining contrasts sharply with a report by Kerrisdale Capital, which criticized the industry.

Sahm Adrangi, Kerrisdale’s chief investment officer, argued that the U.S. should focus on more sustainable cryptocurrencies.

“I believe that the U.S. does not need to support Bitcoin,” Adrangi stated, citing concerns about energy consumption.

Despite these criticisms, Beard highlighted the benefits of Bitcoin mining for energy efficiency and grid stability.

“Bitcoin mining advances energy efficiency, and people and policymakers are starting to get it,” he said.

He explained that Bitcoin mining can help balance the grid and support the transition to renewable energy by adjusting energy usage in real-time.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

MicroStrategy Announces $700 Million Debt Offering to Fund Additional Bitcoin Purchases

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American software technology firm MicroStrategy has announced the pricing of a new $700 million debt offering due in 2032, intended to fund further Bitcoin purchases.

The official press release states that the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

Initially announced at $500 million, the offering has been increased to a $700 million aggregate principal amount.

MicroStrategy plans to allocate part of the proceeds to acquiring more Bitcoin for its corporate treasury.

The company has already amassed 214,400 BTC, valued at approximately $14 billion, according to its Q1 2024 financial results.

These notes, which are unsecured senior obligations of MicroStrategy, will bear interest at a rate of 2.25% per annum.

Interest will be payable semi-annually in arrears on June 15 and December 15 each year.

The notes will mature on June 15, 2032, “unless earlier repurchased, redeemed or converted” as per their terms.

“Subject to certain conditions, on or after June 20, 2029, MicroStrategy may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed.”

MicroStrategy estimates that the net proceeds from the sale will be approximately $687.8 million after deducting initial purchasers’ discounts, commissions, and estimated offering expenses.

READ MORE: Kerrisdale Capital Launches Aggressive Campaign Against Bitcoin Miners, Targeting Riot Platforms

If the initial purchasers exercise their option to purchase additional notes in full, the total proceeds could reach around $786 million.

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”

This move follows the firm’s announcement on June 13 to raise $500 million through a similar offering.

The expansion to $700 million underscores the Bitcoin-maxi firm’s strategy to strengthen its BTC holdings and position in the crypto market.

It’s important to note that since the notes are sold under Rule 144A of the Securities Act of 1933, they will not be officially registered with the United States Securities and Exchange Commission (SEC).

Notes traded under Rule 144A cannot be sold or bought in public markets without meeting SEC legal prerequisites.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Turkey Proposes New 0.03% Crypto Transaction Tax Amid Major Fiscal Reforms

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Turkey is gearing up to implement new taxes, including a 0.03% transaction tax on cryptocurrency trading, as part of a broad fiscal reform.

This initiative is designed to tackle the budget deficit exacerbated by the 2023 earthquakes and signifies a new direction in regulating financial transactions.

A Bloomberg report highlighted the proposed changes, noting that the cryptocurrency transaction tax could significantly bolster the economy:

“The ministry is considering a 0.03% transaction tax on crypto trading, which has become popular among retail Turkish investors seeking a hedge against lira weakness and rampant inflation.

The move would bring in 3.7 billion liras a year, according to official projections.”

The Turkish government’s proposed tax reforms are projected to generate 226 billion liras ($7 billion), approximately 0.7% of the country’s gross domestic product.

The Ministry of Treasury and Finance, under Mehmet Simsek, has prepared legislation for parliamentary review by the end of June.

The 0.03% transaction tax aims to leverage the increasing popularity of crypto trading among Turkish investors who use it as a hedge against inflation and currency depreciation.

READ MORE: SEC May Receive Only a Fraction of Multibillion-Dollar Terraform Labs Settlement

This reform represents the most significant tax change in Turkey in the past twenty years.

Despite earlier denials of plans to tax crypto and stock gains, the Turkish government is now considering specific transaction taxes to ensure comprehensive financial regulation.

On June 5, Simsek stated that Turkey intended to “leave no area untaxed in order to provide justice and effectiveness in taxation.”

Previous plans to impose taxes on crypto and stock gains were dismissed, with only “very limited” transaction levies suggested.

However, the new proposals reflect a shift towards more extensive taxation.

President Recep Tayyip Erdogan’s ruling party, which has a parliamentary majority, is expected to pass the proposed legislation, including the 0.03% transaction tax.

Despite this, previous attempts to introduce transaction taxes have met with significant opposition, and similar political contention is anticipated this time around.

Overall, these measures mark a significant shift in Turkey’s financial policy landscape, aiming to address economic challenges and improve the effectiveness of the tax system.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Greenpeace Report: Wall Street Financiers Must Be Held Accountable for Bitcoin Mining’s Carbon Emissions

//

Major financial institutions on Wall Street should be held responsible for bankrolling the emissions-heavy Bitcoin mining industry, according to a new report by Greenpeace USA.

The report, titled “Bankrolling Bitcoin Pollution: How Big Finance Supports a New Climate Threat,” diverges from previous Greenpeace papers on the Bitcoin mining industry. Instead of focusing on BTC miners, the report targets Wall Street and the banking sector.

Greenpeace claims that big finance supports Bitcoin mining by creating economic incentives, thereby perpetuating the ecological threat the industry represents.

The report names Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual as the top five financiers of carbon pollution from Bitcoin mining companies.

Together, they accounted for over 1.7 million metric tons of CO2 in 2022, equivalent to the emissions of over 335,000 American homes using electricity for a year.

Greenpeace stated that Bitcoin mining has grown into a large commercial industry, where companies need significant capital to build facilities and purchase computing equipment.

Miners rely on support from banks and asset managers, eager for their share of the spoils.

The report says companies such as BlackRock should be accountable for fostering the mining industry: “Banks and asset managers have a duty to disclose risks to their shareholders and clients who are currently missing vital information on the climate risks from Bitcoin.”

READ MORE: SEC Chair Gensler Signals Approval for Spot Ether ETFs by Summer’s End

Greenpeace criticizes the lack of scrutiny regarding how investments from traditional finance companies enable carbon-intensive Bitcoin mining operations.

Greenpeace also states that the crypto mining industry lacks disclosure and transparency, which “enables Bitcoin mining companies to avoid accountability and obscures the scale of Bitcoin’s climate problem.”

This “lack of reputable electricity and emissions reporting” makes it difficult for investors, stakeholders, and regulators to make informed decisions if they wish to follow green policies.

In the United States, Texas has become a global hub for Bitcoin miners, absorbing many who abandoned China after its mining ban.

Greenpeace accuses Wall Street companies of financing this new gold rush, highlighting Riot Platforms’ facility near Rockdale as an example.

Citing data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), Greenpeace said that the Riot facility alone accounted for 526,000 metric tons of CO2, equivalent to the carbon emitted from 100,000 U.S. homes a year.

Greenpeace highlighted the paradox of BlackRock, which is a supposed leader in sustainable investment, yet had the third-highest carbon emissions from its investments in Bitcoin mining among the 540 financial institutions in Greenpeace’s study.

The NGO emphasized that financial companies involved in Bitcoin mining should report the emissions associated with their investments and underwriting services for Bitcoin mining companies.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Nigerian Officials Drop Tax Charges Against Binance Executives; Money Laundering Case Continues

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Nigerian officials have dropped some charges against detained Binance executive Tigran Gambaryan, according to a family spokesperson on June 14.

The Federal Inland Revenue Service (FIRS) has dismissed tax charges against Gambaryan and fellow Binance executive Nadeem Anjarwalla.

However, the Economic and Financial Crimes Commission (EFCC) still charges both executives with money laundering, with the case set to resume on June 20.

The Gambaryan family spokesperson denounced the charges as “bogus” and highlighted the dismissal of the tax charges as evidence that the pair should never have been charged.

Gambaryan’s health has become a central issue.

After collapsing in court on May 23 due to malaria, his health has worsened, and he now suffers from pneumonia.

His family claims prison authorities are not transparent about his condition.

“Despite a court order by Justice Emeka Nwite to take Tigran to [the] hospital immediately, it took the prison authorities 11 days to take him for a brief check-up.

READ MORE: P2P.org Partners with OKX to Launch Institutional Crypto Staking Services

“The prison is not allowing the results of this check-up at the hospital to be released to his family, lawyers, nor the U.S. embassy as they have named a person from the prison as his next of kin.”

Binance issued a statement commending FIRS for “their diligence and professionalism.”

They reiterated that the decision to drop charges proves “Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government.”

The statement concluded, “We await the court’s ruling on this, discharging Tigran from this matter completely.”

Gambaryan and Anjarwalla were arrested by Nigerian authorities in February on money laundering and tax evasion charges despite Binance agreeing to leave Nigeria.

In March, Anjarwalla escaped custody, using his Kenyan passport to flee. He was later tracked and arrested in Kenya, where he faces extradition to Nigeria.

There has been significant support for Gambaryan. U.S. lawmakers recently sent a letter to the State Department and presidential envoy for hostage affairs Roger D. Carstens, highlighting Gambaryan’s “wrongful detention.”

Following this, 108 former federal prosecutors signed a letter to the State Department on June 6, echoing calls for his release.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

P2P.org Partners with OKX to Launch Institutional Crypto Staking Services

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Institutional staking firm and validator P2P.org has partnered with the OKX exchange to launch crypto staking services for institutional clients.

This collaboration aims to provide institutional-grade staking services for assets such as Polkadot, Kusama (KSM), Celestia (TIA), and Cardano.

P2P representatives told Cointelegraph, “Staking with OKX enables eligible users to enjoy an APR without the hassle of setting up new nodes,” highlighting the common barriers institutions face in the crypto staking market.

They pointed out that the steep learning curve, significant time investment, and high costs of running a node are major obstacles preventing businesses from benefiting from the yields offered by digital assets.

In April, P2P.org achieved a total value locked (TVL) of $7.5 billion and launched its “staking-as-a-business” (SaaB) model, designed to lower entry barriers for institutional clients.

Alex Esin, CEO of P2P.org, told Cointelegraph, “Our objective is to assist in the establishment or amplification of staked assets within institutional products, ensuring that staking contributes a minimum of 10% to total revenue, ideally reaching 20%.”

Models like P2P’s SaaB, crypto exchange-traded products, and exchange-traded funds (ETFs) are increasingly popular among institutional investors and traditional financial institutions.

READ MORE: Pepe Surges 17.85% with Strong Bullish Indicators Pointing to a Potential 50% Rally by June’s End

These options enable institutional players to gain exposure to the crypto markets without needing to master the technical complexities of digital assets.

According to the recent CoinShares “Digital Asset Fund Flows” report, inflows into crypto ETFs and products reached $2 billion in May 2024, bringing the year-to-date total to over $15 billion in capital invested.

Institutional interest in crypto surged after the approval of a spot Bitcoin ETF in the United States, with major asset managers like BlackRock offering BTC exposure to their clients.

This renewed interest in digital asset investment has extended to other sectors.

Pension fund managers, for example, are diversifying their portfolios by including Bitcoin.

A recent Securities and Exchange Commission filing revealed that the State of Wisconsin Investment Board (SWIB), managing Wisconsin’s state pension system, held approximately 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) and over 1 million shares of Grayscale’s Bitcoin Trust (GBTC), amounting to a $164 million investment in Bitcoin.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Hidden Road Partners with Bitfinex to Enhance Institutional Access to Digital Assets

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Hidden Road, a prime brokerage backed by Citadel Securities, is expanding institutional exposure to digital assets through a new partnership with Bitfinex.

On June 13, Bitfinex announced its integration with Hidden Road, which will enhance the brokerage’s institutional offerings by providing access to new digital assets and security tools.

This partnership enables Bitfinex to support Hidden Road in expanding services such as derivatives trading, spot trading, peer-to-peer financing, over-the-counter (OTC) trading, margin trading, and more.

Bitfinex is a cryptocurrency exchange operated by iFinex, the company behind Tether, the world’s largest stablecoin. Paolo Ardoino, Tether’s CEO, also serves as the CTO at Bitfinex.

“We at Bitfinex are proud to offer customers cutting-edge trading features, deep liquidity, and a wide range of trading pairs, all supported by a robust infrastructure fortified with stringent security measures,” said Bill Brindise, Bitfinex’s head of business development.

“I am certain that Hidden Road’s customers will enjoy exploring the different products we provide to help institutional and professional investors gain exposure to digital assets,” he added.

This collaboration comes shortly after Hidden Road halted crypto services facilitated by the Bybit exchange in late May.

READ MORE: Pepe Surges 17.85% with Strong Bullish Indicators Pointing to a Potential 50% Rally by June’s End

Reports indicate that this suspension was due to conflicts in Know Your Customer (KYC) verification procedures and Anti-Money Laundering (AML) processes between Hidden Road and Bybit.

Based in Dubai, Bybit is known in the crypto community for its relatively lenient KYC policies.

In early May, Bybit implemented mandatory KYC for users, affecting those wishing to withdraw more than 20,000 USDT per day.

Founded in 2018, Hidden Road offers prime brokerage across asset classes, including foreign exchange, precious metals, and crypto.

In April 2024, the company planned to raise $120 million, aiming for a $1 billion valuation.

“Hidden Road is committed to providing our clients with modern technology and streamlined workflows for a seamless experience across products and asset classes on our platform, including digital assets,” said Michael Higgins, Hidden Road’s global head of business development.

“Integrating with Bitfinex underscores our efforts to enhance access and choice, and we are happy to offer our counterparties access to this preeminent venue.”

Cointelegraph sought a comment from Hidden Road regarding the collaboration but did not receive a response by publication.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

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